Money Anxiety – tackling money and budgeting at university
Dealing with money and budgeting can be intimidating as a student, especially if it’s your first time moving away from home and paying for things like rent, bills, and groceries yourself. But there are ways to manage your finances and stay on top of things.
Create a savings account
It might seem obvious, but having a separate savings account can make it much easier to keep track of money and avoid overspending. It’s easy to feel like you have a lot when you get your maintenance loan paid in, but you have to remember that that money will have to last you for a while. Look at how much you’re paid in maintenance, and try and split that up into monthly amounts, and put the rest into a savings account. This can help give you a more accurate picture of how much you have to live off once rent and bills are out of the way, and can stop you from overspending on other non-essentials.
2. Find a part-time job
This is down to individual preference, but some students may choose to find part time work alongside their studies. This can bring in extra money alongside your maintenance loan to help you live comfortably. However, it’s important to manage your time carefully if you choose to do this, and make sure you don’t overwork yourself. While it can be another source of income, it can get in the way of your studies, social life, and downtime. Make sure you still have time for yourself and to rest.
3. Utilise student discounts
There are a lot of discounts out there available for students, so make sure to do your research and find if there are any discounts available to you as a student. For example, many software programmes used by students have specific student plans at a lower price for students. Don’t pay full price if there is a student discount available. Always have your student ID on hand when out and about – you never know when a discount opportunity may arise!
4. Keep food in the freezer.
Try to keep any freezable food in the freezer. It’s easy to lose track of use by dates, and end up wasting money having to throw away food you forgot to cook in time. If it can be frozen, then freeze it, so you can use it whenever is convenient to you, and not have to throw away food and waste the money spent on it! You can also pre-prepare meals for yourself if things are close to their use-by date, and store it in the freezer for the nights you don’t want to have to cook. Store it in a microwave safe container, so when you want to use it, you can defrost it and just put it straight in the microwave!
5. Use the university Library
This may seem obvious, but your university library is a great place to find resources for assignments. If you have a specific book you need for your studies, be sure to check the library first before buying it. The cost of books and resources for students can stack up over time, so utilising your university library can cut down on those prices where possible, and avoid you ending up with a stack of books you never use outside of your studies!
6. Speak to your university services
Most Universities will have a finance department or something similar that you can go to with help managing money. They can help get you emergency loans or extra funding. While emergency loans and extra funding should be a last resort, don’t wait until the last minute to speak to your finance services at university – they can give you tips and tricks and help you before it gets to that point. Whatever you’re struggling with, they’ve probably seen it before, so don’t be afraid to get in contact with them. They’re there to help you.
Managing money and budgeting can be an intimidating task, but there are always people out there to help you, and plenty of resources to use. All young students go through this, and you’re not alone.